New Members — Both from Financial Services and Fintech — Cast a Bright Light on Open Source's Impact on Finance

New York, NY — February 27, 2019 — FINOS (the Fintech Open Source Foundation) today announces it is adding to its talented roster of financial institutions and innovative fintechs. Capital One joins from the financial services side as fintechs GitLab and Scott Logic will bolster FINOS’ growing cadre of technology upstarts. The new members will advocate for open source collaboration as well as contribute valuable code and leadership. The FINOS programs they will initially be involved in include FDC3, Data Technologies, Financial Delivery Acceleration (FDX) and Open Source Readiness (OSR).

“We have a diverse community and each member finds value in open source collaboration,” said Tosha Ellison, director of member success at FINOS. "Our membership is comprised of some of the largest financial institutions in the world. But given their strong advocacy for open source innovation, many fintechs, such as Scott Logic and GitLab, also see great value in joining our team. We welcome their expertise and leadership."

Capital One to Share Open Source Expertise

With a legacy of innovation in financial services, Capital One, the 10th-largest U.S.-headquartered financial institution, joins FINOS to share open source expertise through the Open Source Readiness (OSR) program. As a key strategic initiative, OSR educates FINOS members on legal, technical and cultural challenges of corporate open source engagement and encourages problem-solving.

"Increasing open source collaboration, in particular among large enterprises to solve common technology challenges, is an important part of our strategy to innovate for our customers," said Jag Gadiyaram, head of open source at Capital One.

GitLab Drives Open Source Innovation 

Built on open source, GitLab, the first single application for the entire DevOps lifecycle, leverages the community contributions of thousands of developers and millions of users to continuously deliver new DevOps innovations. GitLab enables Concurrent DevOps, unlocking organizations from the constraints of the toolchain.

“GitLab is looking forward to partnering with FINOS, and the many financial organizations, to help them leverage open source to deliver cloud native apps to market quickly and securely,” said Brandon Jung, vice president of alliances at GitLab. “As an open core company, we are uniquely positioned to help the financial industry harness the power of community to drive the next generation FinTech standards and open processes.”

Scott Logic Believes in Open Source Collaboration

FINOS also welcomes UK-based consultancy firm Scott Logic. The organization already works with a number of FINOS members and is familiar with the challenges faced by the industry. Scott Logic’s technology director, Colin Eberhardt, has been an active member of FINOS for the past couple of years, participating in a number of the working groups and more recently contributing the first of a number of projects to the foundation. Colin said: “We see tremendous opportunity for large financial institutions and fintechs to build a new collaborative relationship--one built on problem-solving and knowledge-sharing.”

About FINOS

The Fintech Open Source Foundation (FINOS) is an independent nonprofit organization focused on promoting open innovation during a period of unprecedented technological transformation within financial services. FINOS believes that organizations that embrace open source software development and common standards will be best positioned to capture the growth opportunities presented by this transformation. The Foundation offers an Open Developer Platform (ODP), a compliant Open Source Readiness Program and The Open Source Strategy Forum (OSSF), the leading global event for financial executives and technologists dedicated to open innovation. Foundation OSS Projects are Apache 2.0 licensed and available on GitHub. For more information, visit www.finos.org.

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Source: FINOS